MARVIN MANDEL, Governor                        1617

County and, by said Board, shall be used exclusively and solely for
such public school or schools. In the event the amounts so borrowed
shall prove inadequate for the financing of any such public schools,
at any time, the County may issue additional bonds within the limi-
tations hereof for the purpose of evidencing the borrowing of addi-
tional funds for any such public school, provided the resolution for
authorizing the additional bonds shall so recite, but if the funds
derived from the sale of any issue of bonds shall exceed the amount
needed to finance the public school or schools described in said reso-
lution, the excess funds so borrowed and not expended by the Board
of Education shall be returned to the County by the Board and
applied by the County in payment of the next principal maturity of
the bonds so issued or to the redemption of any part of the bonds, if
the same shall have been made redeemable, unless the County shall
adopt a resolution allocating such excess funds to some other part of
the school construction program of the Board of Education.

Sec. 5. And be it further enacted, That, the bonds hereby author-
ized shall constitute, and they shall so recite, an irrevocable pledge
of the full faith and credit and unlimited taxing power of the County
to the payment of the maturing principal and interest of such bonds
as and when the same respectively mature. In each and every fiscal
year that any of the bonds are outstanding, the County shall levy or
cause to be levied ad valorem taxes upon all the assessable property
within the corporate limits of the County in rate and amount suffi-
cient to provide for the payment, when due, of the principal of and
interest on all bonds maturing in each such fiscal year and in the
event the proceeds from the taxes so levied in any such fiscal year
shall prove inadequate for the above purposes, additional taxes shall
be levied in the succeeding fiscal year to make up any such deficiency.
The County may apply to the payment of the principal of and interest
on any bonds issued hereunder any funds received by it from the
State of Maryland, the United States of America, any agency or
instrumentality thereof, or from any other source, if such funds are
granted for the purpose of assisting the County in public school
construction, and to the extent of any such funds received or receiv-
able in any fiscal year the taxes hereby required to be levied may be
reduced proportionately.

Sec. 6. And be it further enacted, That the County is hereby
further authorized and empowered, at any time and from time to
time, to issue its bonds in the manner hereinabove described for the
purpose of refunding, upon purchase or redemption, any bonds issued
hereunder. The validity of any such refunding bonds shall in no way
be dependent upon or related to the validity or invalidity of the
obligations so refunded. The powers herein granted with respect to
the issuance of bonds, and also the limitations herein on such pow-
ers shall be applicable to the iss